The Central Board of Indirect Taxes and Customs (CBIC) has vide its Notification No 08/2021 – Central Tax dated 01st May 2021 notify the reduction in the rate of interest on late payment of GST for the month of March 2021 and April 2021 for monthly filers and for the Quarter ending March 2021 for Quarterly fillers.
The summary of the notification in the tabular format is as follows:-
| Category of taxpayer | Period | Due Date for tax payment | Interest NIL | Interest at the rate of 9% p.a. | Interest at the rate of 18% p.a. |
| Taxpayer having ATO more than Rs 5 Crores in preceding FY (Monthly Filers) | Mar-21 | 20–Apr-2021 | Not Applicable | From 21-Apr-2021 to 05-May-2021 | From 06-May-2021 till date of payment |
| Apr-21 | 20-May-2021 | Not Applicable | From 21-May-2021 to 04-Jun-2021 | From 05-Jun-2021 till date of payment | |
| Taxpayer having ATO up to Rs 5 Crores but filling return on monthly basis (Monthly Filers) | Mar-21 | 20-Apr-2021 | From 21-Apr-2021 to 05-May-2021 | From 06-May-2021 to 20-May-2021 | From 21-May-2021 till the date of payment |
| Apr-21 | 20-May-2021 | From 21-May-2021 to 04-Jun-2021 | From 05-Jun-2021 to 19-Jun-2021 | From 20-Jun-2021 till the date of payment | |
| Taxpayer having ATO up to Rs 5 Crores but filling return on a quarterly basis (Quarterly Filers) | Qtr Ending Mar-21 | 22-Apr-2021 | From 23-Apr-2021 to 07-May-2021 | From 08-May-2021 to 22-May-2021 | From 23-May-2021 till the date of payment |
| Qtr Ending Mar-21 | 24-Apr-2021 | From 25-Apr-2021 to 09-May-2021 | From 10-May-2021 to 24-May-2021 | From 25-May-2021 till the date of payment |
The full text of the notification is as follows:-
MINISTRY OF FINANCE
(Department of Revenue)
(CENTRAL BOARD OF INDIRECT TAXES AND CUSTOMS)
NOTIFICATION
New Delhi, the 1st May, 2021
No. 08/2021- Central Tax
G.S.R. 304(E).—In exercise of the powers conferred by sub-section (1) of section 50 of the Central Goods and Services Tax Act, 2017 (12 of 2017) read with section 148 of the said Act, the Government, on the recommendations of the Council, hereby makes the following further amendments in notification of the Government of India in the Ministry of Finance (Department of Revenue), No. 13/2017 – Central Tax, dated the 28th June, 2017, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 661(E), dated the 28th June, 2017, namely:–
(i) In the said notification, in the first paragraph, in the first proviso, in the Table after S. No. 3, the following
shall be inserted, namely: –
| (1) | (2) | (3) | (4) |
| “4. | Taxpayers having an aggregate turnover of more than rupees 5 crores in the preceding financial year | 9 per cent for the first 15 days from the due date and 18 per cent thereafter | March, 2021, April, 2021 |
| 5 | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | March, 2021, April, 2021 |
| 6 | Taxpayers having an aggregate turnover of up to rupees 5 crores in the preceding financial year who are liable to furnish the return as specified under proviso to sub-section (1) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | March, 2021, April, 2021 |
| 7 | Taxpayers who are liable to furnish the return as specified under sub-section (2) of section 39 | Nil for the first 15 days from the due date, 9 per cent for the next 15 days, and 18 per cent thereafter | Quarter ending March, 2021.”. |
2. This notification shall be deemed to have come into force with effect from the 18th day of April, 2021.
[F. No. CBEC-20/06/08/2020-GST] RAJEEV RANJAN, Under Secy.
Note: The principal notification number 13/2017 – Central Tax, dated the 28th June, 2017, was published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 661(E), dated the 28th June, 2017 and was last amended vide notification number 51/2020 – Central Tax, dated the 24th June, 2020, published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide number G.S.R. 404(E), dated the 24th June, 2020.
